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Biodefense Market worth $17bn by 2024

Published Date: August 10, 2016 Author: Global Market Insights, Inc.

Biodefense Marketsize forecast predicts over USD 17 billion in revenue by 2024; according to the latest research report by Global Market Insights, Inc.

Growing R&D spending for product innovation by key industry players and rising government research funding is expected to boost global biodefense market size. The presence of favorable federal government initiatives such as Project BioShield and Emergency Use Authorization of medical products is expected to catapult growth in the coming years. Moreover, growing threats regarding chemical, biological, and radiological warfare should heighten the need for continuous technology upgrades. The biodefense market has witnessed surge in R&D investments aimed at catering to threats involving the recent Ebola outbreak.

The emergence of technologically advanced centers for innovation in advanced development and manufacturing, continuous development of next generation detection systems such as CIP based detection, environmental detection and vulnerability detection is anticipated to drive revenue.

Global surveillance measures against the threats of bioterrorism and pandemic outbreaks has improved public health preparedness to effectively monitor and control community health. The focus is shifted towards development of precise analytical instruments, tests and procedures that detects and identifies bio threat agents. Countries have entered into mass production and stockpiling of antibiotics effective against the bacterial agents and resumed the halted offensive biological weapons programs.

Protective measures implemented by international associations will serve as strategic deterrents. For instance, a treaty between U.S. and North Atlantic Treaty Organization (NATO) reinstates the commitment of the use of weapons of mass destruction against any member state would represent an attack against all NATO members. Other protective and instant response measures include development of the CDC Rapid Response and Advanced Technology laboratory, National Electronic Data Surveillance System (NEDSS), Health Alert Network (HAN), and Epidemic Information Exchange (Epi-X). These protective measures are anticipated to reduce the cost of responding to any emergency bio threat.

North America biodefense market share represented the largest regional segment in 2015. Implementation of Project BioShield coupled with presence of government and private funding are some of the factors fueling demand. Furthermore, countries such as Japan and China biodefense market should experience high growth in the coming years due to advancing healthcare infrastructure, and the presence of favorable political and regulatory environment.

Global biodefense market size was driven by the anthrax segment, which was USD 3 billion in 2015 and is anticipated to grow at 5% from 2016 to 2024.

Revenue growth will be propelled by smallpox segment that is set to increase at 7.4% CAGR estimations to exceed USD 4 billion by 2024.

Eminent companies entered into contracts with the government for addressing a range of healthcare, scientific, national security and international security issues, which has led to high U.S. biodefense market share.

European countries of Germany and UK of biodefense market are set to witness lucrative growth rate due to designated funding policies in place.